China Overseas Land & Investment Shows Recovery Signs -- Market Talk

Dow Jones2022-05-23

0225 GMT - China Overseas Land & Investment appears to be showing some recovery signs after a policy easing in the property market that could improve home-buyer sentiment as the pandemic abates, Daiwa analyst Cynthia Chan says in a research note. Chinese regulators recently encouraged commercial banks to provide more favorable rates to first-home buyers. In fact, the company observed that "the number of home viewers caught up with 2021 levels" during the Labor Day holiday, she says. The developer thinks that end-use demand in upper-tier Chinese cities remains largely intact despite current strict Covid-19 measures that have been put in place, she adds. Daiwa maintains a buy rating and HK$31.50 target price on its shares, which are 2.3% lower at HK$23.50. (justina.lee@wsj.com)

$(END)$ Dow Jones Newswires

May 22, 2022 22:25 ET (02:25 GMT)

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2022-05-26
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